Steven Madden Ltd. warned investors that the company is “cautious” on the near-term outlook due to tariffs.

“We face meaningful headwinds in 2025, most notably the impact of new tariffs on goods imported into the United States,” the company said Wednesday in a statement when it reported quarterly earnings.

The shoe retailer joined other consumer companies in raising concerns about the impact of President Donald Trump’s tariffs. On Tuesday, Kontoor Brands Inc. said that US shoppers were “confused” and feeling “under attack” amid all the uncertainty. 

Despite the cautious approach, Steve Madden forecast revenue to increase as much as 19% this year. Meanwhile, the company’s profit in the most recent quarter beat estimates.

The retailer’s stock was little changed in trading before US markets opened. The shares had fallen about 11% this year through Tuesday’s close, trailing a roughly 1% advance by the Russel 1000 Index.

The company said in November, after Donald Trump was elected president, that it was accelerating plans to shift production from China because it anticipated higher tariffs. The White House enacted additional 10% levies on Chinese imports earlier this month.